BERLIN (CelebrityAccess) — German live events company DEAG Deutsche Entertainment Aktiengesellschaft detailed the results of the first half of 2023, with revenue down from the previous year.
According to DEAG, the company generated revenue during the first half of 2023 of 123 million EUR, down slightly from the 133.4 million DEAG accumulated in the first half of 2022, but up markedly from the 63.9 million reported in the first half of the pre-corona year 2019.
The results reflect rebound effects from the pandemic, financial support from European funding programs, alongside significant events and tours in the second quarter of 2022, DEAG said.
Revenue for the quarter was driven by DEAG’s content portfolio that include events such as “Disney on Ice” and “Riverdance” as well as concerts and tours with Sam Fender, Limp Bizkit, Rod Stewart, The Who, Iron Maiden and Kiss, among other artists. DEAG also organized successful spoken Word & Literary Events such as the international literature festivals “lit.COLOGNE” and “phil.COLOGNE” as well as festival.
Along with their financial results, DEAG revealed it is currently pursuing multiple acquisitions that are in “advanced stages of negotiation” as the company pursues a strategy of consolidating European markets.
As well, DEAG announced some changes in the company’s executive suite, including the appointment of board member Detlef Kornett as co-CEO alongside current CEO Prof. Peter L. H. Schwenkow.
In his newly elevated role, Kornett will continue to lead the company’s International Business Affairs and Marketing and, together with Prof. Schwenkow, he will oversee Corporate Strategy and drive further growth.
David Reinecke will take on the position of Chief Financial Officer, succeeding Roman Velke, who announced he is stepping away from the role after five years.
Christian Diekmann, responsible for the business in Germany and leads the expansion of the Christmas Garden, and Moritz Schwenkow, responsible for ticketing and technology, will continue as board members, DEAG said.
“Just in time for DEAG’s 45th anniversary, we are leading our company into a new, exciting era that will be characterised by profitable growth as well as innovation and expansion into European markets and ticketing. I am very pleased that the Supervisory Board has agreed to my personal request to expand Detlef Kornett’s position to the role of co-CEO. I welcome David Reinecke as the new CFO and at the same time thank – also on behalf of the Supervisory Board – Roman Velke for his excellent work and great commitment over the past years. We will use the combination of a competent team, excellent business, and attractive market opportunities to fuel DEAG’s further growth momentum,” stated Prof. Peter L.H. Schwenkow.
“DEAG has already founded around 20 new companies or successfully integrated them after acquisitions in recent years. We want to continue our successful track record in our M&A activities, with a focus on further expansion into new European markets as well as acquisitions to expand our ticketing platforms. As one of Europe’s leading live entertainment providers, we are excellently positioned and will continue the dynamic growth of previous years,” added Kornett Detlef.
